Is it feasible to implement minimum energy performance standards (MEPS) for existing buildings in Greece? A cost-benefit evaluation

Minimum Energy Performance Standards (MEPS) are a novel mechanism considered in the 2021 proposed recast of the Energy Performance of Buildings Directive, aiming at renovating the worst-performing buildings. Here, we examine the feasibility of implementing MEPS in Greece's building sector through a cost-benefit and subsequent sensitivity analysis, focusing on a wide range of technoeconomic aspects and possible alternative implementations and ambitions of this policy. We find that MEPS can reduce energy consumption by up to 11.6%, contribute to reaching the ‘Fit-for-55’ nationally disaggregated emission targets and help alleviate energy poverty by creating energy cost savings of up to €8.9 billion. The existence of cost-efficient combinations of energy efficiency measures—mainly wall insulations and heat pumps—hints that MEPS are a feasible policy option. However, the associated costs of renovations are significant and their implementation prone to several challenges, potentially excluding lower-income households that are essentially targeted by MEPS, due to high upfront costs in the absence of financial incentives, while the high national share of poor energy performance buildings complicates the efficient selection of targeted dwellings. Towards informing discussions on the implementation of EU-wide MEPS, flexible implementations that consider each national context may yield similar benefits, while addressing such challenges.